Warby Parker Inc
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Warby Parker Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin -0.9% TTM vs industry median 6.7% - still unprofitable despite 850.6M revenue and 54% gross margins[Operating Margin TTM]
- Revenue 5Y CAGR 16.3% vs industry 6.6% - 2.5x faster growth but P/S 3.4x vs median 2.1x prices in premium[Total Revenue 5Y Growth]
- FCF 37.8M TTM (4.4% margin) with 280M cash vs 233M debt - self-funding but capex-heavy at 69.6M[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Crosses above 0% (breakeven) — Validates operating leverage thesis; currently -0.9% with 54% gross margin
- Total Revenue 3Y Growth: Falls below 10% — Growth deceleration without profitability invalidates premium valuation
- Free Cash Flow TTM: Turns negative for 2+ quarters — Would signal store expansion consuming cash faster than operations generate
Bull Case
Gross margin 54% TTM is 1.6x industry median (34%) - DTC model provides structural advantage as scale drives operating leverage
280M cash (40% of market cap) with positive FCF 37.8M provides runway without dilution while peers burn cash
Bear Case
P/B 7.9x and P/S 3.4x for a company with 0.1% ROIC TTM and negative operating income - priced for perfection
Capex 69.6M TTM (8% of revenue) for store expansion compresses FCF; any slowdown forces difficult tradeoffs
Bull vs Bear Balance
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Forward Thesis
Path to profitability hinges on operating leverage - gross margin already 54% but OpEx consumes 55% of revenue
- Store maturation reducing per-location costs
- Revenue scale spreading fixed SG&A
- Gross margin stable above 50%
Valuation Context
Caveats
Public Strategies Rankings
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WRBY Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.02B | — | ||
$2.97B | — | ||
2,405 | — | ||
$871.90M | +13.0% | — | |
$0.01 | — | ||
-0.61% | +3.3% | — | |
0.19% | +2.8% | — | |
$43.74M | +26.0% | — | |
0.46% | +6.8% | — | |
Beta 5Y (Monthly) | unknown | — |
WRBY Dividend History
WRBY Stock Splits
WRBY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | Unknown | |
11/06/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/10/22 | 09/30/22 | 10-Q | |
08/11/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/18/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
09/29/21 | 06/30/21 | 424B4 | |
05/16/22 | 03/31/21 | 10-Q | |
09/29/21 | 12/31/20 | 424B4 | |
11/12/21 | 09/30/20 | 10-Q |